XRP has been testing one of the most important support levels in the last few weeks, and it’s still holding.
The $1.13 level on the weekly chart has been very supportive of XRP over the past week or two. At the moment, the price is against that line, and the long-term bearish trend has not been changed yet, which means that the pressure remains on the bottom.
What Happens If $1.13 Is Broken
If XRP confirms a break below $1.13 and fails to return above it, the next major target is between $0.90 and $1.00. This area will be the lowest on the trip.
On the short four-hour chart, XRP has already broken below the small support zone that has been holding for some time, falling directly to the $1.13 zone as expected. If $1.13 gives way before the main support of the week is cut, there is a small support that lies between $1.08 and $1.10, which gives the price a little bit before the all-important $0.90.
Why This Happens
XRP tends to track Bitcoin’s price closely in the short term, and Bitcoin’s recent weakness is dragging down XRP and many other altcoins. None of this is happening in isolation.
Down Under
XRP is hanging by a thread right now. The $1.13 level is the most important line this week. Hold it, and there is a permanent place. Lose it, and the path to $0.90 to $1.00 opens quickly.
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